IOTA is a distributed ledger technology designed for the Internet of Things (IOT) that enables feeless transactions and data transfer between connected devices. It operates on a unique Directed Acyclic Graph (DAG) structure called Tangle, instead of a traditional blockchain. The platform also supports smart contracts and aims to provide a secure and scalable infrastructure for machine-to-machine communication. IOTA is part of the DWF Labs and Outlier Ventures portfolios, and has developed an ecosystem that includes the IOTA EVM for compatibility with Ethereum-based applications.